Nigeria’s headline inflation rate increased to 34.60% in November 2024 from 33.88% in October, marking the third consecutive monthly rise, according to the National Bureau of Statistics (NBS).
This 0.72 percentage point increase shows a significant year-on-year increase of 6.40 percentage points from the 28.20% recorded in November 2023.
Food inflation reached 39.93% year-on-year in November, up from 32.84% in the same month last year, driven by rising staples such as rice, maize, bread, potatoes, and cooking oil prices.
On a month-on-month basis, food inflation was 2.98% in November, slightly higher than the 2.94% recorded in October.
The persistent inflationary trend is largely attributed to the devaluation of the naira and multiple petrol price hikes, exacerbating a significant cost-of-living crisis in the country.
Recall that the Central Bank of Nigeria raised interest rates six times this year, totalling an increase of 875 basis points, to curb inflation.
The inflation surge gained momentum in the latter half of last year after President Bola Tinubu’s economic policies, including the naira devaluation and subsidy cuts, aimed at boosting economic growth and stabilising public finances.
West Africa Weekly earlier detailed reports of how Nigerians across the country are grappling with skyrocketing living costs, driven by a hike in fuel prices that has triggered sharp increases in transportation, food, and other essential expenses.
These economic challenges force Nigerians nationwide to make tough choices and adapt to increasingly harsh realities.
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